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Debunking the Most Common Home Appraisal Myths That Exist Today

Whether you’re buying or selling, you might be curious about the home appraisal process. In the United States during July 2020, about 900,000 homes were sold. The appraisal is an important part of the buying and selling process.

This article will take a look at the common myths surrounding the home appraisal process. Read on to explore more about these common myths and be able to separate fact from fiction.

  1. It’s Easy

You can find out more about how you can sell your home fast and not wait around for home appraisals to go through. Many think that home appraisal values and setups are easy, but it’s more challenging and complex than you might think.

Appraisers don’t always find comparable homes right away. There are many more hours that go into an appraisal than you might think.

  1. Your Appraisal and Market Value Are the Same

Keep in mind that your appraisal is an opinion and not the same as a home’s market value. This doesn’t define what the seller will accept or what the buyer will pay. While realtors use the price per square foot, you might find out that the value is below what you expect.

  1. Amenities Are Identical

Keep in mind that not all extra space is the same in a buyer’s mind. If one home has a home gym and the other has a garage, there’s a reason why a buyer might choose the option with a garage.

  1. Appraisals and Home Inspections Are the Same

A home inspection is where any problems with the home are found. Home appraisals take a look at the current real estate market as well.

Appraisers will analyze multiple items including the condition of your property or home, and comparable properties in the area. Many lending companies require appraisals in order to better understand how to determine a home’s value.

  1. The More You Invest the Higher Your Home Will Be Appraised

You might assume that every upgrade and addition you make to your home and its curb appeal will add value to your home. While you might spend a large amount of money improving different parts of your home, it doesn’t mean that potential buyers will appreciate these changes.

If you’re thinking of selling your home, make smart improvements that can increase your home’s value. Speak to a real estate agent who can guide you on what improvements are worth it.

  1. Great Homes Equal a Great Price

Just because you have the nicest home on the block doesn’t mean that the appraisal value will reflect this. If your home stands out too much, that’s not a good thing.

Your home’s appraisal will be determined by the location as well. Even if your home is much larger than others in the area, it’ll still be based on the overall look of the neighborhood as well.

Exploring Common Home Appraisal Myths

Now that you’ve explored this guide on common home appraisal myths, you should have a better idea of what to expect. Take your time waiting for the appraisal to come back and decide what you can improve in your home.

Would you like to read more how-tos with informative content? We can help! Check out our other articles today for up-to-date content and ultimate guides.

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